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New Kentucky sports betting bill excludes poker and DFS

Kentucky gambling news

Kentucky state representative Michael Meredith has proposed a bill to legalize sports betting – the fifth occasion such a law change has been proposed.

According to Meredith, HB551 will see Kentucky sportsbooks operate through racetracks in the state. He added that the reason other gambling bills have been rejected was because of their inclusion of online poker and fantasy sports, which is why this proposal is tailored towards sports betting alone. 

HB551 proposes three skins for the state’s horse tracks, giving room for up to 27 operators in the state. Approved operators will have to pay $50,000 for their licenses and $10,000 for annual renewals, while the tracks will pay a $500,000 license fee and $50,000 for annual renewals. 

On taxation, operators will remit 14.25% for online adjusted gross revenue (AGR) and 9.75% for retail AGR. The bill, however, permits them to remove 0.25% in federal excise tax out of their AGR. 

Also, the bill names the Kentucky Horse Racing Commission (KHRC) as the industry regulator and licensing body, while establishing “a fully functioning sports wagering system” six months after the bill becomes law. 

Apart from the removal of online poker and fantasy sports, HB551 retains wording from former bills of similar nature. 

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